I have your April 2024 House Rental & Sales Market Update for Tampa Bay & Nationwide. We manage single family homes in Tampa Bay and we’ll go over the median rents for single family homes, eviction filings, the sales market and interest rates.
We’ll Start with the Rental Numbers from the MLS.
For Houses in Hillsborough County:
In April 2024, the Median Rent was $2,495. There was no change from the same time last year. The Median Rent last year was $2,495.
The Days on Market was 26 days. That’s up from the same time last year. It’s taking 3 days longer to rent a house in Hillsborough County compared to last year.
For Houses in Pinellas County:
In April 2024, the Median Rent was $2,600. That’s up from the same time last year with an increase of 4%. The Median Rent last year was $2,500.
The Days on Market was 28 days. That’s up from the same time last year. It’s taking 5 days longer to rent a house in Pinellas County compared to last year.
Here are Zillow’s National Rental Numbers for Houses (for the entire United States).
In April 2024, the National Median Rent was $2,308. That’s down from the same time last year with a decrease of 1.5%. The Median Rent last year was $2,345.
Here are the Number of Eviction Filings in Hillsborough & Pinellas Counties.
For Hillsborough County:
In April 2024, the number of Evictions Filed in Hillsborough was 1,129. That’s up from the previous month where eviction filings increased 6.3%.
For Pinellas County:
In April 2024, the number of Evictions Filed in Pinellas was 442. There was little change from the previous month where eviction filings increased 0.45%.
The Lease Renewal Rate for House2Home Properties.
Our Lease Renewal percentage as of last month is 82%. A good lease renewal rate considered to be about 65% and we’re renewing 82% of our leases.
Let’s move on from rental market to the sales market.
Now for the Sales Numbers for Single Family Homes From the MLS.
For Hillsborough County:
In April 2024, the Median Home Sales Price in Hillsborough was $429,250.
That’s up from the same time last year with an increase of 2.2%. The Median Sales Price last year was $420,000.
The Days on Market (Time to Contract) was 25 days. That’s 1 day more than the same time last year.
The Inventory was a 2.8 month’s supply. This is up from the same time last year where the inventory was a 1.7 month’s supply. With 2.8 months of supply, this would be considered a Seller’s Market in Hillsborough.
For Pinellas County:
In April 2024, the Median Home Sales Price in Hillsborough was $485,000.
That’s up from the same time last year with an increase of 7.78%. The Median Sales Price last year was $450,000.
The Days on Market (Time to Contract) was 26 days. That’s 5 days more than the same time last year.
The Inventory was a 3.3 month’s supply. This is up from the same time last year where the inventory was a 1.6 month’s supply. So, the inventory of single family homes doubled from last year. With 3.3 months of supply, this would be considered a Seller’s Market in Pinellas.
(Seller’s Mkt: Less than 5 months, Nuetral/Balanced Mkt: 5-7 months, Buyer’s Mkt: More than 7 months)
The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.
Anything higher is traditionally a buyers' market, and anything lower is a sellers' market.
RedFin’s National Single Family Home Sales (for the entire United States)
In April 2024, the National Median Home Sales Price in the United States was $452,689.
That’s up from the same time last year with an increase of 6.13%. The Median Sales Price last year was $426,533.
The Days on Market (Time to Contract) was 35 days. That’s just 1 day more than the same time last year.
The Inventory was a 2 month’s supply. There was no change in inventory from the same time last year. With 2 months of supply, this would be considered a Seller’s Market Nationally.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed)
In April 2024, the Mortgage Interest Rate was 7.17%. Last year in April was 6.9%. This is an increase of 0.78% in one year.
Okay, that’s your monthly market update, I hope you enjoyed this. If you need property management for your house, please reach out to me. I would love to help you with your property.